Byron is a long time shill on CNBC as the propaganda network is eager to provide a medium for Wien, Blackstone and their ilk on a regular basis. and is currently the vice chairman of Blackstone Advisory Partners, (Stephen Schwartzman's outfit) one of the planets leading crumb chasers. In the hierarchy of crumb chasers Blackstone is right at the top of the food chain.
The topic of Greece was on the docket, obviously, and comparisons to Lehman were made. Here is what Wein said in code and my translations below.
"In retrospect, a lot of people think something should have been figured out so Lehman didn't have to go bankrupt,"
This is code and psycho-babble for 'usually our buddies in charge don't let things get out of hand and cause us losses. Lehman was one of those episodes. Normally our puppets in charge can manipulate the outcome and change rules, if needed, for our benefit so we don't have to take losses. Lehman cost us money. It better never happen again.' Wein continued with;
"The second thing is Lehman went under, but no bank went under."
Again more psycho-babble for 'our puppets in charge let things get out of hand with Lehman but they got the message loud and clear that we will not tolerate any more mistakes (think what John Gotti would do) and are now following their orders and since the favourable accounting changes promoted and propagaded by good friend Bill Isaac, which lets banks record garbage paper at whatever mark they wish to, none have gone under'.
Lastly Mr. Wein had this gem of a line from the Wall St. banking mafia, for those puppets the mainstream media claims are in charge;
"People are very sensitive to how much the rest of the world would be affected if Greece goes under," he said, noting that there was not that understanding about Lehman.
Yet more psycho-babble for 'my crew (the banks and note holders) are all watching closely now and any thought by those in charge of letting Greece go under will be dealt with swiftly and harshly by us (think De Niro as Al Capone's Enthusiasms scene in the The Untouchables). We weren't as clear with them on the Lehman issue but there is no ambiguity now.
You see Mr. Wien is yet another of the purported smartest in the room, those masters of the financial universe who are only capitalists when it supports their positions, enhances their performance, fattens their bonus and hence their net worth and socialists when things go awry.
Bankruptcy, survival of the fittest, well that's something lunatics like Adam Smith and Ayn Rand mentioned in passing and never intended it for the ruling elite as it was only meant for the sheeple.